Sell everything. Nothing's working. Revisit when the prices are adjusted for a big recession, soaring inflation and a crushed consumer. Sell at 12,000 and come back at 10,000. Even better: short it. - Jim Cramer
So is this a contrarian indicator? I do not think so. As I said in a previous post you have to be market savvy to know when he says something that makes sort of sense. You also have to know Cramer. He is actually a decent trader historically. There is no way you can take advice from his calls because he may actually change his mind 6 hours later and in his own mind he was right because he changed his mind before he got hurt.
Historically he also panics earlier earlier than most. Think last August. Anyway I think what he said is irrelevant but I would not call it a contrary indicator.
Basically right now those who bought hope a few months ago are finding that it is hopeless. Capitulation is coming.
By the way. The markets just opened and you have a slightly modest open to the upside. Once again it shows there is no fear. We may finish up but I do not know how you can be a serious buyer besides that which you are sure has the greatest margin of safety that you want to own it regardless of what happens.